Technology has transformed the way we do business and most companies now rely heavily on IT and computer systems, including mobile and cloud technologies to store data.
However, the rapidly changing technology landscape has also opened the door to the constant threat of security breaches, such as viruses and hacking. This has left many companies exposed, especially when it comes to the wider reaching ramifications if they were attacked.
Do you need Cyber Insurance?
Your business needs Cyber Insurance if you:
– hold customer or employee data such as names, addresses, bank details, passport copies etc;
– use a computer to operate;
– have a website;
– take payment via card;
– store data in the cloud or rely on cloud-based services;
– make electronic payments.
Recent Cyber Threats
Following the recent Cyber Attack on Ebay, which enabled hackers access to millions of users personal details, the National Crime Agency (NCA) issued an urgent warning regarding two pieces of malware software which could cause one of the most dangerous malware attacks in internet history. This put millions of businesses in the UK at a higher risk of a data breach.
The NCA expects a rise in the number of these attacks and warns that the hackers’ methods are becoming increasingly sophisticated.
How might a Cyber Attack affect your business?
Many companies focus on the immediate inconvenience that a virus or hacking may cause, but as many recent high profile cases have proved, the implications could be much wider reaching to your business.
Imagine if you were found to have breached data regulations, had client data stolen, or infected other people’s computer systems. The costs to your business would be severe with:
- costs of employing IT experts to control the damage
- costs of notifying the data subjects
- investigation fees
- third party liabilities
- business interruption costs
- damage to business reputation
- costs of credit and ID monitoring
What are the Insurance Solutions to these issues?
Finch offer an answer, with a Cyber Risks insurance policy designed to transfer risk in the event of a data breach.
Examples of what Cyber Risks Insurance can cover:
- a first response team to investigate and manage the attack
- forensic IT experts to seek and destroy the threat and control the damage
- data restoration costs
- notification costs
- legal fees
- third party liabilities
- PR costs
- costs of credit and ID monitoring
- payment of fines incurred as a result of a data breach
The Cyber Insurance policy also offers additional security with:
- Optional network and business interruption cover.
- Optional cyber and privacy extortion, such as ransom payments to third parties incurred in terminating a security threat.
- Optional digital media liability to cover damages and defence costs incurred in connection with a breach of third party intellectual property, or negligence in connection with electronic content.
Website Hacking
Another area of concern for many businesses is their website and the potential loss of revenue they would incur if their website went down. Most businesses have systems in place to minimise the possibilities of attack, but with the hackers becoming increasingly sophisticated, the exposure to businesses is becoming greater, especially if the website is transactional or contains personal data, so further protection is required.
Our cyber insurance policies will cover your website – both software and associated hardware – in the event of an attack, including any data loss, theft and business interruption.
Breach of Data by Employees
Our policy will also cover the liabilities and costs incurred due to a breach of data by a company employee. The breach may be caused by an employee leaving a laptop on a train, disclosure of client information to a competitor, or from sending data to a new employer.
Reduce Your Cyber Risk
If you have any concerns about data breaches or the potential damage a cyber attack could have on your business, why not contact us today to transfer the risk.
